There has been a short-term momentum shift in this stock. Following a swift pullback in the long-term utprend, the price recently rallied aggressively, erasing the last leg of the pullback. This could indicate the next up phase is starting.
Target is fairly aggressive for a short-term trade. If there is a strong reversal near the target, just get out. Trailing stop loss can be used as well. It has tended to give back a fair bit on the reversals due to the swift down moves.
Reward:risk is great, although I willing to get out early on this one, so actual reward:risk may end up being slightly lower.
disclosure: long.
Target is fairly aggressive for a short-term trade. If there is a strong reversal near the target, just get out. Trailing stop loss can be used as well. It has tended to give back a fair bit on the reversals due to the swift down moves.
Reward:risk is great, although I willing to get out early on this one, so actual reward:risk may end up being slightly lower.
disclosure: long.
Cory Mitchell, CMT
Stock and forex trading insights at tradethatswing.com/
Stock and forex trading insights at tradethatswing.com/